Morgan Stanley Increases ServiceNow (NYSE:NOW) Price Target to $830.00

ServiceNow (NYSE:NOW - Free Report) had its price objective boosted by Morgan Stanley from $814.00 to $830.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider's stock.

Other analysts have also recently issued reports about the company. Mizuho boosted their price objective on ServiceNow from $750.00 to $820.00 and gave the company a buy rating in a research report on Thursday, January 25th. Wells Fargo & Company upped their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the stock an overweight rating in a research report on Tuesday, April 16th. Robert W. Baird lifted their target price on shares of ServiceNow from $780.00 to $870.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Piper Sandler upped their price target on shares of ServiceNow from $750.00 to $830.00 and gave the stock an overweight rating in a research report on Thursday, January 25th. Finally, KeyCorp initiated coverage on shares of ServiceNow in a research note on Thursday, March 21st. They issued an overweight rating and a $1,000.00 price target on the stock. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $782.85.

ServiceNow Stock Down 4.0 %

NYSE NOW traded down $30.04 on Thursday, hitting $716.25. The stock had a trading volume of 3,366,891 shares, compared to its average volume of 1,213,611. The business's fifty day moving average price is $761.32 and its 200 day moving average price is $706.74. ServiceNow has a 52-week low of $427.68 and a 52-week high of $815.32. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market cap of $147.10 billion, a price-to-earnings ratio of 85.17, a price-to-earnings-growth ratio of 4.68 and a beta of 0.97.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The company had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.40 billion. During the same period last year, the business earned $0.88 earnings per share. ServiceNow's quarterly revenue was up 25.6% on a year-over-year basis. Equities research analysts anticipate that ServiceNow will post 6.16 earnings per share for the current year.

Insider Buying and Selling

In other ServiceNow news, insider Paul John Smith sold 1,795 shares of the company's stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the completion of the transaction, the insider now owns 994 shares in the company, valued at approximately $776,373.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at approximately $12,935,655.16. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul John Smith sold 1,795 shares of the firm's stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total value of $1,402,002.70. Following the completion of the transaction, the insider now directly owns 994 shares of the company's stock, valued at $776,373.64. The disclosure for this sale can be found here. Insiders have sold a total of 13,164 shares of company stock valued at $9,940,303 in the last ninety days. Company insiders own 0.25% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Impact Partnership Wealth LLC lifted its stake in ServiceNow by 672.7% in the 3rd quarter. Impact Partnership Wealth LLC now owns 85 shares of the information technology services provider's stock valued at $48,000 after buying an additional 74 shares in the last quarter. Galvin Gaustad & Stein LLC increased its position in ServiceNow by 33.3% during the 3rd quarter. Galvin Gaustad & Stein LLC now owns 800 shares of the information technology services provider's stock worth $447,000 after purchasing an additional 200 shares in the last quarter. Oak Thistle LLC purchased a new position in ServiceNow in the 3rd quarter valued at about $1,115,000. Asset Management One Co. Ltd. boosted its stake in shares of ServiceNow by 4.9% during the 3rd quarter. Asset Management One Co. Ltd. now owns 99,412 shares of the information technology services provider's stock worth $55,567,000 after purchasing an additional 4,630 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of ServiceNow by 3.3% during the third quarter. Handelsbanken Fonder AB now owns 59,360 shares of the information technology services provider's stock worth $33,180,000 after buying an additional 1,904 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.